• Business - Entrepreneurship
  • Updated: February 06, 2023

Naira Scarcity: Traders Reject Bank Transfer

Petty traders in Kwara have said they do not accept bank transfers or transactions due to lack of bank accounts and network failures.

Some of the traders told the News Agency of Nigeria (NAN) in Ilorin on Monday that they had no bank accounts to which money can be transferred.

Keji Abdulmalik, a roadside pepper seller said she had no bank account for any transaction.

“I do not accept bank transfers because I do not have a bank account.

“It has been difficult for my customers to buy things because they do not have cash.

“Some of them come and ask if I take transfer, but I simply tell them no."

 Local grilled meat seller, commonly known as ‘Mai Suya’, Malam Aminu Maigashi, also said that he had no bank account to which transfers could be made.

While others said that they were afraid of fraudulent activities, yet some said they could not take transfers simply because the amount they sold their wares was too little to be sent to accounts.

“I have been defrauded before, even before the Naira scarcity began, the customer was supposed to transfer some amount to me but the network was bad.

“He promised to do so immediately the network became normal.

"Till today he still claimed to have sent the money, but I have not seen anything.

“So no matter what happens, I cannot take transfers for my goods.

"People are desperate, especially in this difficult situation we have found ourselves,” Titilayo Fadekemi, another trader lamented.

A groundnut and banana seller who simply identified herself as Grandma Ejima also said that she does not take transfer because her capital was too little.

“How will I sell banana of N200 and the buyer will send it to the bank?

"How will I collect such a little amount from the Automated Teller Machine (ATM)?

“How much am I making per day that will be sent to the bank?

"So, I don’t take transfers and this has caused little or no sales, because people do not have cash at hand,” she said.

Richard Olufemi, another trader, lamented the unavailability of cash, saying it had caused many families to go to bed hungry.

“The destitute no longer see people to give them money; those who have money do not have enough cash to buy the little things they need.

"I have seen banks being besieged for cash; once an ATM is dispensing cash, you see a lot of people there.

“I have been around Point of Sales (POS) agents today and many of them also do not have cash. It is getting serious and frustrating by the day.

“I pray relevant government do the needful to make this cashless system work in Nigeria,” he said. 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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